NNPC Profit Rises To ₦276 Billion As Gas Output Hits One-Year High

The Nigerian National Petroleum Company Limited recorded a profit after tax of ₦276 billion in March 2026, following a rise in gas production and improved crude oil output during the month under review.

Naija News reports that the figure represents a major increase from the ₦136 billion profit recorded by the company in February 2026, according to details from NNPC’s latest monthly report. TheCable reported that the March profit reflected a 102.9 per cent increase from the previous month.

The report showed that NNPC’s revenue for March stood at ₦2.774 trillion, while crude oil and condensate production rose to 1.56 million barrels per day. Gas production also increased to 7,731 million standard cubic feet per day, the highest level recorded in the trailing 12-month period covered by the report.

Gas Production Drives Growth

According to the report, gas production rose from 7,458 million standard cubic feet per day in February to 7,731 million standard cubic feet per day in March.

Gas sales also increased to 5,059 million standard cubic feet per day, compared to 4,893 million standard cubic feet per day recorded in February.

NNPC said the improved production was driven partly by the early completion of the OML 118 Bonga Turnaround Maintenance, which was delivered 12 days ahead of schedule.

The company stated, “Production improved compared to the previous month, driven by the early completion of the OML 118 Bonga Turnaround Maintenance, delivered 12 days ahead of schedule.”

Crude oil and condensate output also improved to 1.56 million barrels per day in March, compared to 1.51 million barrels per day in February.

Pipeline Disruption Affected Output

Despite the improved performance, NNPC said some operational challenges affected production during the period.

The company noted that a leak on the Trans Forcados Pipeline led to outages and affected output across several assets between February 20 and March 25.

It stated, “The Trans Forcados Pipeline outage, resulting from a leak at the Keremor axis, negatively impacted production volumes, leading to curtailments across several assets from February 20 to March 25, alongside other operational challenges.”

NNPC, however, said it would continue to strengthen production resilience by improving asset reliability and addressing evacuation constraints.

It added that it was implementing recovery plans focused on “improving asset reliability, resolving evacuation constraints, and implementing other targeted recovery initiatives.”

Statutory Payments Hit ₦2.89 Trillion

The report also showed that NNPC made statutory payments of ₦2.89 trillion between January and March 2026.

On infrastructure, the company said the Obiafu-Obrikom-Oben gas pipeline project had reached 96 per cent completion, while the Ajaokuta-Kaduna-Kano gas pipeline had reached 93 per cent completion.

NNPC added that drilling operations at the River Niger crossing for the OB3 gas pipeline continued as scheduled.

For the AKK gas pipeline, the company said welding of the 24-inch spur line to the Gwagwalada Independent Power Plant had been completed, while significant progress had been recorded on outstanding mainline pre-commissioning works.

The report also put upstream pipeline availability at 76 per cent, while petrol availability at NNPC Retail stations stood at 56 per cent.

NNPC, however, cautioned that all production, sales and financial figures in the report remain provisional and subject to reconciliation with relevant stakeholders.